[168 Pages Report] The Thermal management Market was valued at USD 8.99 Billion in 2016 and is estimated to reach USD 14.24 Billion by 2022, at a CAGR of 7.91% during the forecast period. The base year used for this study is 2016, and the forecast period considered is between 2017 and 2022.

The objectives of the study are as follows:

To define, describe, and forecast the thermal management market on the basis of material type, device, service, end-use application, and geography

To forecast the market size of the various segments, in terms of value, with respect to four main regions, namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)

To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)

To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market

To strategically profile key players and comprehensively analyze their market shares and core competencies along with detailing the competitive landscape for market leaders

To analyze competitive developments such as agreements, contracts, partnerships, mergers and acquisitions, and product launches and developments in the thermal management market

The research methodology used to estimate and forecast the thermal management market begins with obtaining data on key vendor revenues through secondary research. Some of the secondary sources used in this research include various journals and databases such as OICA, UNODA, IEEE journals, Factiva, Hoovers, and OneSource. The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the market from the revenues of the key players in the market. After arriving at the overall market size, the total market has been split into several segments and subsegments, which have then been further verified through primary research by extensively interviewing the key officials in the industry, such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of the profiles of primaries has been depicted in the figure below:

The thermal management market was valued at USD 8.99 Billion in 2016 and is expected to reach USD 14.24 Billion by 2022, at a CAGR of 7.91% during the forecast period. The growth of this market is being fueled by the technological advancements over the last few years.

The report covers the thermal management market on the basis of material type, device, end-use application, service, and geography. The market based on end-use application is expected to be led by consumer electronics segment during the forecast period. The radical miniaturization of electronic devices is boosting the growth of the market for consumer electronics.

Among thermal materials, nonadhesive materials accounted for the largest market size in 2016. Nonadhesive thermal materials such as pads and gap fillers are commonly used to fill the gaps between the heat source and dissipating components, and also to provide mechanical shock absorption. Nonadhesive materials consist of thermal pads, gap fillers, phase change materials (PCMs), and grease. The constant need for thermal management in electronics to obtain maximum efficiency through heat regulation is one of the major factors driving the market for the market for the nonadhesive material.

Adhesive materials are expected to lead the overall thermal management market due to the highest CAGR during the forecast period. Adhesive materials used for thermal management consist of tapes, films, and adhesive liquids. These materials are used to bond various components such as heat sinks and integrated circuits where no other mounting mechanisms are available. The increasing use of adhesive tapes and liquids across automotive and consumer electronic industries has led to high growth rate of the market for adhesive materials. These factors have led to the highest growth of the market for the adhesive material segment during the forecast period.

North America is expected to hold the largest share of the thermal management market by 2022, and it holds a tremendous potential for the growth in the coming future due to its high investment in healthcare applications, increasing use of electric and hybrid vehicles, and growing data centers across the region.

The rising demand for thermal management in consumer electronics, growing application arena, and radical miniaturization of electronic devices are the drivers for the thermal management market.

The key restraining factor for the market is the design complexities in components used in thermal management. Issues associated with thermal components include designing cooling systems; optimizing the design to reduce power consumption, weight, and cost; and verifying the thermal design of thermal components. Also, problems faced while manufacturing thermal components are associated with the design of optimal flow channels, selection of a coolant, and complexity of the model and flow. Lowering power requirement without compromising performance and reliability of systems is a major problem faced while designing thermal components.